Another Massive Retailer To Close 40+ Stores Throughout Texas

Nearly four hundred 99 Cents Only Stores across Texas, California, Arizona, and Nevada will be closing down after the decision to "wind down operations."

A DIFFICULT DECISION

Interim Chief Executive Officer Mike Simoncic explained how difficult the decision to close all stores was, adding it was, "Not the outcome we expected or hoped to achieve."

For more than 4 decades, 99 Cent Stores have served Texas communities, offering some of the lowest prices for products. The company has a total of 371 stores, with more than 40 locations in Texas.

COMPANY FACES SIGNIFICANT CHALLENGES

However, the company shared it has had its fair share of challenges. Inflation, consumer demand, and the impact of the COVID-19 pandemic all played a huge role in operational struggles.

"Unfortunately, the last several years have presented significant and lasting challenges in the retail environment, including the unprecedented impact of the COVID-19 pandemic, shifting consumer demand, rising levels of shrink, persistent inflationary pressures, and other macroeconomic headwinds, all of which have greatly hindered the Company's ability to operate," Simoncic said.

ENDING THE FOUR DECADES LONG RUN

The company will sadly shut down operations after a four-decade run.

"We deeply appreciate the dedicated employees, customers, partners, and communities who have collectively supported 99 Cents Only Stores for decades."

A liquidations sale is currently selling off the company's remaining products and equipment and fixtures used in stores.

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